Oil spikes to 6-week high after China offers to slash US trade imbalance [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
Oil spikes to 6-week high after China offers to slash US trade imbalance Oil prices sharply extended gains, rising with the stock market , on news that Beijing has put forward a plan to eliminate its trade surplus with the United States. The plan would see China ramp up purchases of U.S. goods over the next six years with the goal of reducing its $323 billion trade surplus last year to zero by 2024. President Donald Trump has highlighted the U.S. trade deficit with foreign countries, and the offer could appeal to the protectionist commander-in-chief. However, U.S. trade negotiators — who aim to address issues like barriers to accessing the Chinese markets and China's alleged theft of intellectual property — are skeptical of Beijing's offer, according to Bloomberg, which first reported the news. Nevertheless, international Brent crude oil futures were up $1.67, or nearly 2.7 percent, at $62.85 per barrel at 11:10 a.m. ET (1610 GMT). U.S. West Texas Intermediate (WTI) crude futures rose
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